Gold Soars to Seven-Week High on Safe-Haven Demand
Gold prices surged on August 6, reaching their highest level in seven weeks. The rise was driven by investors seeking safe-haven assets ahead of the US Federal Reserve's policy decision. A weaker US dollar and declining Treasury yields also contributed to gold's climb.
Spot gold jumped 1% to $4,285.84 an ounce, while US gold futures rose 0.9% to $4,345.80 an ounce. Silver prices, however, declined by 0.4% to $61.84 an ounce.
In the UAE, gold prices increased across all purity categories: 24K gold rose AED 18 to AED 510.25 per gram, 22K gold gained AED 16.75 to AED 472.50 per gram, and 18K gold increased by AED 13.75 to AED 388.50 per gram.
The rise in gold prices comes after four consecutive days of growth in global bullion markets. Market players are keeping a close eye on the Fed's policy decision and geopolitical developments for further direction in precious metals.